Virgin Deal to Boost Delta's Trans-Atlantic Reach

By

Susan Carey And

Jack Nicas

Updated Dec. 11, 2012 7:57 p.m. ET

Delta Air Lines Inc. confirmed plans to buy 49% of Virgin Atlantic Airways Ltd. for $360 million, aiming to create a trans-Atlantic joint venture that would substantially boost its market share in the lucrative U.S.-London market and pose a fresh competitive challenge to American Airlines.

Delta, the world's No. 2 airline by traffic and the largest U.S. carrier across the Atlantic, currently has only 9% of the market share on the...